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A stakeholder is a person or institution with interests that can affect or be affected by the organization activities. A stakeholder is normally concerned with an institution distributing intended outcome and gathering its financial objectives. In general, a stakeholder can be classified as follow:-
(Freeman, Edward, Reed & David 2002)
Eg:-owner, manager, shareholder, investor, employee, customer, partner and/or supplier, among others.
Following is a diagram for the three types of stake holders
Example of interest
Taxation, reduce the unemployment, truthful reporting and etc.
Wages on time, job security and promotions, respect and etc.
Value, quality, customer care, ethical product and etc.
Equitable business opportunities, supply the product for customers.
credit score, new contracts, liquidity and etc.
jobs, involvement, environmental protection, shares, truthful communication and etc.
quality, Staff protection, jobs and etc.
Profit, futuristic of the firm, respect and etc.
(Freeman, Edward, Reed & David 2002)
A stakeholder may take part directly or indirectly to an organization's activities. Other than business, a stakeholder may also be concerned with the result of a specific plan, effort or activity, such as a community development scheme or the delivery of local health services. A stakeholder usually stands to gain or lose depending on the decisions taken or policies executed.
Talking about the Stakeholder Analysis is an approach that is normally used to identify and examine the Force Field formed by any group or individual who can affect or is affected by the achievement of the objectives of an organization. Stakeholder Analysis identifies the ways in which stakeholders may influence the organization or may be influenced by its activities, as well as their attitude towards the organization and its targets.
Customers are important when quality of products is discussed.
Employees are important when circumstances or safety at work is discussed.
Government is important when dealing with the environment or legislation.
Stake holder analysis is the appropriate method to gathering data as an introduction to planning in tactic and objective setting stage. We can generally illustrate three reasons for why does the stake holder analysis necessary to an organization.
Surveys are a cost efficient way to increase the input from a large number of individuals. Ensure that you are asking the correct question to find out the information you need, and that respondents are diplomatic. Surveys are a lack of risk, low-cost starting point and are best followed up with mechanisms for dialog, creativity and consent building.
One-on-one meetings are a best way to develop personal relationships while gather information. It's essential to set expectations with contributor on how the data will be used and the range of other people to be consulted, so no one is dissatisfied if all of their facts are not imitate. All make sure the information collection is available to the main decision-making group.
Multi-stakeholder discussion carries together different stakeholders in a neutral forum, and is influential tools for sharing information, building consent and esrlier promises to the end product.Â As the Roman philosopher Seneca said around 2000 years ago, "the best ideas are common property". Often annual convention permits time for plan or strategy expansion workshops. An independent facilitator will produce a relieve sector and process for positive contribution.
Ref: - (http://www.axi.ca/tca/Nov2004/associatearticle_2.shtml)
The internal stakeholders are can be functioning as inside the organization, those people who are having very interest and care about the organization as well, can directly affect or can be affected by the activities of a particular Organization. Generally Employees, managers, Directors and Secretary are taking place as internal stakeholders. Mean while the ODEL has its internal stake holders itself.
Employees and their delegate groups are interested in information about the permanence and profitability of their owner. They are also concerned on the information which allows them to assess the capability of the organization to provide remuneration, retirement benefits and the other requirement of an employee. ODEL accept as true that employees are the most important drivers of the growth for their organization. They have certain approach between the employees which is 5Ps'. Such as People, Pride, Passion, Process and Performance.
Directors can be classified into two. Board of Directors and Non Executive Directors. Both Directors are commonly known as management body, directors have to attend the conference, financial analyzing, plan their obligations and achieve their objectives thus each and every directors have to have responsible for their responsibilities.
Eg: - according to the ODEL management structure
Mr. Ruchi Gunewardene - Chairman/Non-Executive Director
Ms. Otara Gunewardene - Executive Director/CEO
Mr. Paul Topping - Non Executive Independent Director
Mr. Sanjay Kulatunga - Non Executive Independent Director
Mr. Eardley Perera - Non Executive Independent Director
The directors have some duties towards the organization such as to be a good leader and as well a good innovator to implement some new ideas and make perfect decision on the uncertainties of the organization for its futuristic. There for they can earn the good profit and as well the good will of customers.
As we take Otara Gunewardene as an example, she is a Sri Lankan industrialist as well a Model. She is the founder and CEO of the brand Odel. Otara implement some new way of strategy in her business to make Odel to shown as a highlight. She newly introduced fashions in Sri Lanka and reaching global heights on her own merit has attracted the great compliment from many esteemed institutions and serve to confirm her status as an entrepreneur par excellence. Looking back at all the tributes that have come her way since she established ODEL. Otara's determined Endeavour has always been to add value in every which way and this has inspired all the new additions to Odel's portfolio of offerings. Now Odel became a section devoted to dressing customers with a taste for high fashion.
To identify a good leader awards play major role. Following are some awards which are achieved by Otara Gunewardene:
In 2008, Otara was awarded the 'Retail Leadership Award' at the Asia Retail Congress in India.
In 2008, Otara was invited as a leading fashion entrepreneur and anointed 'Woman of Saab stance' by Saab Cars Singapore.
In 2008, she was named as Sri Lankan Ambassador f or World Animal Day.
Otara nominated as the 'Face of Alankara' in 2007, a jeweler brand that reflects modern designs for the woman of today.
Investors are the source of risk capital and their concentrations are with the risk inherent in, and return present by, their investments. The organizations in formations help them to determine whether they should buy, hold or sell the shares. Shareholders are also interested in information which allows them to assess the ability of the venture to pay dividends.
Supplier can be a person or an organization who distribute the company raw material or requirement stuffs. The motive of a supplier towards an organization is to supply to the organization where he can work for long time as well as where he can gain maximum profit.
When we take a look on Odel, Odel has selected each and every product in very new trend fashionable way to its customers. As it is The Colombo jewellery is one of vital supplier for Odel. There began an industrial line developed in partnership between Odel and Colombo jewellery store for the fashion forward women. Otara motivated design collections featured fashionable jewellery using a merger of coloured gems and diamonds all set in white gold. Otara motivated the design collection featured fashionable jewellery using a merge of colored gems and diamonds in all set in white gold. Akram Cassim, CEO of Colombo Jewellery Stores, mentioned on the thought of build an 'Otara' jewellery collection, "Otara has been a great source of influence and inspiration to the fashion conscious people in Sri Lanka.
Ref :-(http://www.businesstoday.lk/article.php?article=2145), (http://print.dailymirror.lk/life/132-life/30441.html)
The firm in a particular industry produces the similar product or service is known as a competitor to another firm which is in the same industry. The present of the more competitors can reduce the price of product. But the heavy competition is the thing which can lead the market in a healthy path. When we take a look on the Odel, Odel follows the pricing strategy. But there are several firms which are having the same progress as Odel has itself. Romafour is a good example for the heavy competitor of clothing part of Odel's portfolio.
Romafour is a designer store which offers the best in high fashion revolutionary clothing like Odel. They are following the same pricing marketing strategy which Odel follows. They maintain their way of marketing style which helps to capture the market share in order to be a successful firm in the same industry. So in order to attract the customers from this heavy competition Odel have to implement some new innovative clothing style which does not exist yet to the market.
Environmental audit for ODEL.
Strategic plan for ODEL
END TAXT REFERENCES
Freeman, R., Edward, R., David, L., 2002, "stakeholder management and organizational wealth", California Management Review, Spring83, Vol. 25 Issue 3, p88-106.